The Schlitterbahn parks in New Braunfels and Galveston will be acquired for a cash price of $261 million, while the Kansas property will be acquired in a $6 million deal.

The Schlitterbahn name will not be changing, but guests can look forward to some improvements. A representative for Cedar Fair says the company will be investing $15 million into the Galveston and New Braunfels parks over the next two to three years. A lot of the money will be spent on improving food and beverage options as well as the accommodations, the official said.

"We are very excited about the opportunity to bring these two award-winning Texas water parks into the Cedar Fair family," said Richard Zimmerman, Cedar Fair's president and CEO.

ATTENTION THRILL-SEEKERS! The brand new Infinity Racers are eight stories tall and longer than three space stations.

"Schlitterbahn employees are known throughout the industry for their innovation and dedication to the quality of the guest experience. Because of their work, the water park located in New Braunfels has been recognized as the 'Best Water Park in the World' for 21 straight years, and Galveston has received recognition as the 'Best Indoor Water Park in the World' for a decade. We look forward to adding these parks to Cedar Fair's industry-leading portfolio of regional entertainment resorts," Zimmerman added.